News by TheEdgeProperty.com

With limited land on the island, the mainland offers plenty of space  for development, with Batu Kawan, at the foot of the Penang Second Bridge, taking centre stage.

In the 12 months to 1Q2015, the highest average price growth was at Saujana Permai Flat (+32.6%) and Saujana Damai Apartments (+31.8%).

The most expensive projects were in the Bayan Indah enclave in Pantai Jerejak, led by Putra Place (RM660 psf)...

Northeast Penang is perceived as the upmarket part of the island, but Southwest Penang is becoming more appealing with numerous projects underway related to the Penang Second Bridge and Penang Transport Master Plan. 

The Penang Transport Master Plan is expected to improve connectivity in the area with the Bayan Lepas LRT line from Gurney Drive to Teluk Kumbar and Batu Maung; and the Pan Island Link Highway project from Gurney Drive to Bayan Lepas.

The intensive construction of public transport infrastructure and residential development projects seem to be inspired by Singapore.

In the background of eye-bulging record prices, the average price of condominiums in the area was RM432 psf in 1Q2015, up 18.7% y-o-y. 

Penang is popular among expats or foreigners looking for a holiday home or retirement home under the Malaysia My Second Home scheme. Batu Ferringhi, Tanjung Bungah, Tanjung Tokong and Gurney Drive are some upmarket areas with luxury condos targeted towards foreigners.

Large projects of various kinds mark Penang, from costly residential property development to land reclamation and transport infrastructure.

Hong Leong IB Research said the Johor region remain oversupplied in near term with incoming supply and planned supply amounting to 47% of existing stock.